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Page 8 THE HERALD Wednesday April IS 1989 Birthday party for Cineplex Silverwood stocks sold short In celebration of the 38th birth day anniversary of the Silver Wood Womens Institute 13 members enjoyed a delicious dinner held Tuesday April at the home of Mrs Charlotte Ironside In keeping with the mood of the celebration President Doris Lindsay read the financial report of the first year of the Silver Wood branch Mrs Lindsay noted that the Silver Wood branch began as a strong group of concerned ladies and remains so even after years Graduate In a recent ceremony at Cana dian Forces Bate North Bay Mark Andrew Staley son of Maurice and Margery Staley of RR1 Acton received his com mission and was promoted to the rank of second lieutenant Lieut hasbeen assigned to the Canadian NORAD region North Bay as Air Weapons con Mark is a graduate of Ac ton High School 8770109 CHARTERED ACCOUNTANT Phone 8770109 In her presidential remarks Mrs Lindsay thanked the membership for their never ending co operation and en thusiasm towards the Womens In stitute She concluded with con gratulating the membership on be ing a very special group of women who help to make her job as presi dent so enjoyable The annual meeting of the Silver Wood Womens Institute saw the return of Mrs Dons Lindsay as president with Mrs Beryle Beeney as new secretary treasurer and Miss Joan Lindsay acting as tant secretary treasurer Mrs Beth Haines remains as 1st vice- president as does Mrs Dons Calder as 2nd vicepresident Mrs Eva Martin remains as program coordinator and Miss Joan Lindsay will assume the position of public relations officer with Mrs Doris Calder as director and Mrs Eva Martin as alternate director The 19891990 branch officers are as follows curator Mrs Doris Lindsay assistant curator Mrs Dons Calder branch directors Mrs Mary Marchingt6n and Mrs Audrey Wilson The May meeting of the Silver Wood Womens Institute will be held Tuesday May at the home of Mrs Lisa Hass with everyone welcome The members of Silver Wood welcomes inquiries by contacting Mrs Mary Mar- chington at 877 3794 or Mrs Dons Lindsay at 2438 Your Business Diane Thornton Garth cant seem to get the short sellers off his back No matter what the brash young founder and chairman of Cineplex Odeon Corp does to appease them New York speculators keep selling Cineplex stock short That means they sell stock they dont own hop ing to cover their position by buy ing it cheaper later Mr s troubles began about a year ago Cineplex stock had been languishing and investors apparently decided it was set to fall further For some reason they seem to have concluded that the articulate Mr had been speaking more highly of his com pany than the facts justified They worried about the com debt load and its optimistic accounting policies They began to sell the stock short driving it to a low of last May Since most of the companys stock is in friendly hands Mr Drabinsky and his associates struggled to ease the damage But something went wrong and Mr Drabinsky and Myron Gottlieb DOWNTOWN FAX SERVICE Evenings Saturdays Too YOUNGS PHARMACY LTD HOURS MondayFriday Saturdays 9 132 Mam Street South Georgetown Ontario 8770109 STEVEN C CTSTER BA BARRISTER SOLICITOR 37 MAIN ST SOUTH GEORGETOWN ONT L7G 3G2 fax 4168734962 vicechairman had to sell l 2 million of their own shares to their associates to relieve their potential financial burden Markets don t like to see key ex ecutives selling their stock no matter what the reason BRONFMAN SELLS About per cent of Cineplexs stock is owned by MCA Inc the U S entertainment company til this week Charles Bronfman of Seagram fame was the second largest shareholder Mr Bronf man was among those who stepped in to bail Mr and Mr Gottlieb out last May Now the group headed by Mr Bronfman is selling its Cineplex stock at a tidy profit The Bronfman sale is fuel for the shortsellers fire as of speculators had sold 1 Cineplex shares short in New York and in Toronto The battle has been long and dir ty Until this year the shorts seem ed to be winning Then in January street sources say Mr Drabinsky and Mr Bronfman ganged up to knock the shorts out of the market They did this by buying up shares as they came available sending the price leaping to market watchers speculate VOTE OF CONFIDENCE No doubt the short sellers are gleeful that Mr Bronfman is now out of the game But they would be wise to consider the investors who have stepped in to take bis place some of the smartest and most ag gressive around Mr Drabinsky and Mr Gottlieb head the list adding to of stock They are joined by two respected Toron to real estate developers Jack Daniels and Rudy Bratty Buyers also include some of the principals of Corona Corp a big player the gold field Gordon Capital Corp a bold and secretive Toronto investment dealer Peter Brown chairman of Cananm Investment Corp of Vancouver and Andy Sarlos the well known Toronto money manager If the short sellers are skeptical about the Bronfman sale it is their business to be OFFICE MAGIC 877 FOR ALL YOUR OFFICE STATIONERY NEEDS St -VY- MondayFriday amQ